Marsh unveils cybersecurity program for small, midsize businesses

Marsh LLC on Tuesday launched a cybersecurity and insurance program for small and midsize businesses in the U.S., backed by Beazley PLC, Chubb Ltd., Coalition Inc. and Resilience.

The program, known as Marsh Cyber Pathway, is designed to help smaller businesses better understand what cybersecurity controls they need to implement to obtain coverage.

Businesses will complete a cybersecurity self-assessment and insurers will recommend cybersecurity controls to those selected as program candidates.

When the recommended controls are implemented, businesses will be eligible for cyber coverage enhancements from participating insurers, Marsh said.

“With their potential insurability, pricing, and scope of coverage at stake, many businesses, especially small to midsize firms, find it overwhelming and stressful to understand what cybersecurity controls they need and which ones to invest in. They also expect any cybersecurity investment made to better position their risk to insurers,” Tom Reagan, U.S. and Canada cyber practice leader at Marsh, said in a statement.